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Sweetheart Deals For Downtown Businesses Not Unheard Of

| February 14, 2011, 02:55 PM | 4 Comments

Tonight, the Annapolis City Council is prepared to vote on the Market House. Specifically on a lease that will allow Gone To Market, LLC  to develop and manage the structure for up to 30 years.

There has been much discussion on the lease and how it is is too one sided in favor of the developer. Critics have lambasted the City for not earning money  from the property and for considering a half million dollar renovation to facilitate Gone To Market’s move in. While Mayor Cohen continues to profess that this will be the fulcrum for downtown rejuvenation.

Sweetheart deal or not, te Market House is not the only local icon to have a lease from the City. While it certainly is not the same, Mike Ashford signed a 40 year lease for McGarvey’s on September 11, 1978.

Here are some basic differences between the two:

Gone To Market McGarvey’s
Rent Yes-based on profit Yes-minimal, with escalation
Renovations No Yes
Term 30 years 40 years
Taxes No Yes
Maintenance Some Yes
Insurance Yes Yes
Structural Responsibility No Yes
Easy Out Yes No

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Comments (4)

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  1. Let the games begin.

    Happy Valentines Day to all the Sweethearts of the Ancient City.

  2. Greetings from afar.

    Please do not disturb my colonial lease to the Carrolls et al. They are a good and proper family along with the Bryces, Hammonds and Dulaneys. They all do my royal bidding when called upon from time to time.

    I hope to reintroduce table gaming and horse racing upon my return as my Solicitor says you don’t seem to be keeping up on the rent payments and the town is looking a bit shoddy from what I am told.

    Please provide my subjects with a proper markethouse whatever that means to you people in the colonies and do use proper hygiene and wash the fish and your hands well before eating.

  3. Running with scissors says:

    John are you going to keep us updated tonight on the circus?

  4. Bob McWilliams says:

    Things like taxes, HVAC, and responsibility for the structure are some very big ticket items that are the responsibility of Ashford, but would have not been an expense for Jackson. Plus, Ashford made a committment to stick around and build a business. Jackson most likely would have cashed in almost immediately and moved on.

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